(MENAFN) Ratings firm Moody’s approved the Baa2 ratings of state-owned Dubai Electricity & Water Authority and altered its outlook from negative to stable.
Moody’s further declared that “The rating action reflects the credit linkages between DEWA and the government of Dubai. Supportive oil prices and improved prospects for a sustained economic recovery will strengthen the operating environment in Dubai, bolster the emirate’s government finances and limit downside risks to DEWA’s credit profile.”
Furthermore; the ratings agency predicts the company’s operating performance to recover in 2021, due to boosted electricity and water consumption in addition to the end of the 10 percent blanket discount on all electricity bills that persisted for three months in 2020 and was not introduced again in 2021.
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